The share purchase has increased LIC’s share in SBI to 14.99% from 12.15% earlier, the lender said in its filing

Mumbai: Life Insurance Corporation of India (LIC) bought at least 41.3% of the total shares that State Bank of India (SBI) sold on 29 January as part of it’s qualified institutional placement (QIP) offering, the bank’s filing with exchanges showed.The share purchase has increased LIC’s share in SBI to 14.99% from 12.15% earlier, the lender said in its filing.SBI sought to raise Rs.9,600 crore via a share sale to institutional investors in the domestic market, but managed to raise only Rs.8,032 crore, as foreign investors largely stayed away from the offering.LIC picked up a lion share of the offering. The filing showed LIC bought 21,208,275 shares of SBI. The bank earlier had said it sold 51,320,436 shares at Rs.1,565 apiece, implying that LIC bought 41.325% of the entire offering.SBI stock ended at Rs.1,524 on the BSE, up 1.31% from previous close, while India’s benchmark Sensex Index rose 0.34% to close at 20,380.77 points